Page 4 of 24 Jan 1971 Issue of Racine Journal Times Sunday Bulletin in Racine, Wisconsin

Racine Journal Times Sunday Bulletin January 24, 1971 Page 4 old newspaper archives

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Racine Journal Times Sunday Bulletin (Newspaper) - January 24, 1971, Racine, Wisconsin A sift first National Bank and Trust company member of Federal Reserve system a member Federal Deposit insurance corporation Racine sunday bulletin feeder Jan. 24, inti legislative audit Bureau reports dorms operate at $1 million loss Ting Back the number of Stu Madison a Wisconsin taxpayers Are footing the Bill for a loss of nearly a million dollars a year in the operation of dormitories at nine state universities the legislative audit Bureau reports. A Bureau document released Friday reported that for fiscal 1969-70, the Usu system showed a deficit of $943,000 in residence Halls operations. If the Usu had correctly accounted for dormitory heating costs the auditors continued the loss would have been $1.23 million. The deficit conflicted sharply with figures issued Friday at the Usu Board of regents meeting in la Crosse. Robert w. Winter Usu assistant director for business and finance told the Board that residence Halls operations showed a net deficit of about $333,000 for the 1969-70 reporting period. He forecast a 1970-71 loss of about $140,000. The legislative audit Bureau which was critical of Usu accounting procedures said its audit showed six of the nine campuses operated below the 95 per cent room occupancy break even Point. The Bureau reported that the fiscal 1970 loss would be partially offset by $618,000 in excess reserves from state building corporation Bond issues. At the la Crosse meeting Winter countered that corrective measures already were being taken. He recommended that the regents increase the Cash balance in the housing account to $745,000 by 1972 to cover increasing costs. The Cost of operating residence Halls at the nine Usu campuses he said was $11 million. Winter said the Large deficits were caused by an increase in non resident tuition thus Cut Bills to require annual sessions of the legislature and to remove All exemptions to the state to fair housing Law have been co authored by state rep. Manny Brownd Racine. The annual sessions Bill Brown said is similar to one introduced earlier in the Senate. The Assembly Bill would require also that state budgeting be on a one year rather than a biennial basis. A othe two year budget Monkey business is too much a Guesstimate and leads to too Many political decisions a Brown said. The fair housing Bill would remove the present provision dents and complicated management practices with diffused lines of authority. He recommended that the Usu director of residence Halls be Given Overall responsibility for All phases of housing operations including finances. That state auditors agreed. Winter added that manage practices had been revised and Cost controls established. Which exempts properties of three or fewer dwelling units from its jurisdiction and would revise the state statutes to conform with Federal Law. A Othis is Only in keeping with the civil rights act passed by Congress two years ago a Brown said. A Down East in Maine the average person refers to North on a map As soup a but residents of main still Call their Rocky coastline Down East. The term is a carryover from sailing Days when ships from Maine sailed upwind to Boston then coasted Home before South Westerly winds on a a downhill ?� Brown co author of Bills on annual sessions housing r Robert s open shoe City West today 11 .-5p.m. Next to Sears 5415 Washington Ava. Corner of by. 20 amp 31 open daily 930 . 9 00 , saturdays 9 30 . 6 . Sundays 11 . 5 .Denny reportedly quitting by april members of the Racine county Community action program Cap committee reportedly have been notified that the Cap executive director Ernest Denny will resign by the end of the program year april i. The Rev. Ernest Lofton committee chairman said he and other committee members had received copies of the letter but he could not confirm that it was sent by Denny. Denny declined to discuss the letter telling a reporter a Odon to Call me anymore As he Hung up the Telephone receiver. The letter carried a mimeographed signature of the executive director. It read a Othis is to reiterate my position of several months ago with regards to my intentions to sever my relationship with the Racine Community action program by the 1970-71 program year s end. A Oit is my personal feeling that the program is on the Road to facing up to the Many problems that have plagued it almost since its inception. The regional office of economic Opportunity is of the opinion that you As a Board of directors Are willing to face your responsibilities and resolved the problems that Are rightfully yours. The Board now has the assistance it has needed in facing its problems in the Robert r. Nathan consulting firm and i pm sure that by working together As a team the goals that the Board will set for itself will be ?� the letter continued a of believe i have brought this program along As far As i can take it. I take the credit for the Many gains the program has made As Well As its losses and am assured in terms of my own evaluation that the gains outweigh the losses. A of will say that the future of the program is As Strong or As weak As its Board of directors. So far the Board has been much too weak therefore the admonition from the regional office for the Board to face up to its responsibilities. The Job can be done if you Are willing to sacrifice the time the Energy and the painful process of decision making to accomplish it. No staff can do this for you you must be committed to do it yourself. A Oit would be dishonest for me to say hat i have enjoyed my two years of work As your executive director. At this stage the physical mental and economic losses i have sustained Are much too great for me to continue in this Job. The shame of this program is that All of the gains increased funding etc., have been the result of my personal efforts As the Board of directors have failed miserably in actively working for the Agency. I would Hope some change takes place in this area for the coming ?� the letter ended with the statement that a of will officially announce the Date of my resignation at the Jan. 21, 1971, Board of directors meeting and Send an official letter to or. John Bryant chairman of the personnel committee regarding ?� no announcement was made at the thursday meeting. Or. Bryant on Friday re fused to discuss Denny to possible resignation. On aug. 24, 1970, Denny announced his intentions to resign effective oct. 16, 1970. However on oct. 7, Denny offered to remain at least until the end of the program year. By a vote of 17 to i the Cap Board voted sept. 17, 1970, not to accept his resignation. At that time he was quoted As saying a Oil to willing to reconsider on the basis of Community support. However with the boards to support i am not willing to reconsider my ?� five students to be honoured five students from Racine Are among 326 at the University f Wisconsin in Madison who will be honoured for outstanding Scholastic work at Winter commencement saturday. They will be Given special recognition in the graduation program listed As winners of a honors in scholarship a which Means they gained Grade Point averages of 3.25 in their studies for at least three semesters to work at the University beyond their Sophomore year or participated in the honors program. A Grade Point average of 4.0 is an a Oak average. Those honoured will be Sheri a n. Blaesing 3820 Osborne blvd. Keith w. Gerard 2840 n. Green Bay Road d. Jeffrey Pettit 1604 Boyd ave. Valentine Schmidt 819 Yout St. And Mark j. Spielman 932 Lake ave. New shoes All buy one Pai get 2nd pair of equal value or less free at no extra Cost a journal time photo by Arthur p. Haa All men weren to banned a some of the participants in saturday to All Day seminar Here sponsored by the Racine chapter of the National secretaries association got together with one of the male speakers Don Purdy director of the Industrial program at the a Center Here. Purdy spoke on drugs and alcoholism along with another male speaker on ecology Douglas Lafollette University of Wisconsin Parkside teacher. Left to right Are Nancy Lind Berg Marlene Halgh Shirley Mclellen Janet Jensen and Purdy. About 140 attended the annual seminar. And All Racine benefits. From the rewards that flow from the Many sides of our business. The full services banking business. As a full service banking institution we provide the people of Racine with a secure place to invest for income a source of funds for those whose wants require financing checking accounts for convenience and an accurate accounting of spending and immediate Legal receipts Safe Deposit boxes for valuables and one of Wisconsin s largest Trust departments. We believe it is our duty to help people handle their Money matters More efficiently. Beyond that it is our duty to help business grow so that it can better serve the people of the Racine area. Join the folks who Quot look discover the benefits of a full service Bank. Whether it be savings checking or any other service we offer. We re first National the big one in Racine serving the Community s financial needs since 1853. May we be of service to you May we help you. Quot took ahead Quot statement of financial condition 31, 1970 assets Cash and due from Banks. $12,833,751.78 . Securities. 6,941,235.20 obligations of Federal agencies. 1,266,356.85 obligations of states and political subdivisions .16,603,372.06 other securities. 154,600.00 Federal funds sold. 6,300,000.00 Loans. 52,478,592.78 Bank premises and equipment. 1,440,868.86 other real estate. 8,081.72 leasehold improvements. 1.00 accrued income receivable. 1,005,938.24 customer s acceptance liability. 241,537.20 other assets. 396.698.36 total assets. $99,671,034.05 liabilities deposits demand. $39,354,933.62 time. 51,269,436.55 $90,624,370.17 reserves for interest taxes and expenses. 497,512.18 dividends declared but unpaid. 151,800.00 acceptances outstanding. 241,537.20 other liabilities. 54 338.07 Reserve for bad debt losses. 399 772.25 capital Stock. $1,320,000.00 surplus. 2,500,000.00�?t undivided profits. 2,281,704.18 reserves for contingencies 230,000.00 $6,331,704.18 total liabilities and capital accounts .$99,671,034.05

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